Riyadh – Mubasher: Saudi Arabia-based Al Jouf Agricultural Development Company (JADCO) on Monday reported a 96.62% year-on-year surge in its net profit after calculating zakat and tax in the third quarter of 2018.

JADCO generated a profit of SAR 22.55 million ($6.01 million) during Q3-18, compared to SAR 11.47 million ($3.06 million) in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the third-quarter profit growth to a SAR 12.21 million or 10.7% rise in sales, coupled with lower sale costs, registering SAR 8.51 million.

Quarter-on-quarter, the Saudi firm’s profits tumbled 13.4% from July to September, from SAR 26.05 million.

During the first nine months of 2018, JADCO’s net profits after calculating zakat and tax levelled down 9.7% year-on-year to SAR 24.65 million, from SAR 27.29 million.

The firm attributed the nine-month profit decline to an increase in selling, distributing, administrative, and general expenses.

By 11:58 Saudi time, JADCO’s stock rose 5.06% to SAR 22.82.